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Debt recast to help ICCL turn around

Calcutta, Oct. 2: Indian Charge Chrome Ltd (ICCL) is expected to make a turnaround in the next financial year following an approval of the corporate debt restructuring package by Industrial Development Bank of India (IDBI).

The company, which has suffered heavy losses because of an unsustainable high borrowing cost coupled with a poor market condition, is now optimistic of a quick turnaround and becoming the largest manufacturer of charged chrome in the country.

Chairman and managing director Bansidhar Panda said, “It heralds the beginning of a turnaround of the company’s future. Moreover, with the debt restructuring being approved, the borrowing cost will also become cheaper,” he said.

The company expects over Rs 211 crore from Tata Steel which has failed to hold its commitment of converting chrome ore.

Company sources said the court’s verdict was already in its favour and a chartered accountant had to be appointed to get the exact value of the claims.

“Earlier we had to depend solely on Tata Steel for raw materials. Now we have our own mines to ensure a steady supply,” said joint managing director Subhrakant Panda.

“Although an operational turnaround had been effected after the allotment of captive chrome ore mines in 1999, the term lenders approving a debt restructuring package means the company can put its troubled past behind and emerge as the country’s only fully integrated ferro chrome producer,” Panda said.

Panda hoped the chrome market would continue to be lucrative for some time. We have one of the most modern technologies backed by power and raw material support base. The company should come up as a leading company in the ferro chrome sector.

The company, which made a turnover of Rs 180.70 crore in 2002-03, expects a 25 per cent growth in the topline in the current financial year.

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